CapitaLand’s wholly-owned serviced residence business unit, The Ascott Limited, has been awarded a contract to manage a serviced residence in Danang, the fourth largest city in Vietnam, by Korea Investment & Development Co. The latter is an established real-estate consortium that specialises in commercial and residential developments across major cities in Vietnam.

The serviced residence will be named Somerset Danang Bay and will be the first international brand of serviced residence in Danang. With 121 units ranging from one- to three-bedroom premier apartments which come with ensuite kitchen and bathroom, Somerset Danang Bay will cater to leisure and business travellers with a myriad of modern recreational and business facilities such as a fitness centre, a swimming pool, a resident‟s lounge, a business centre and a meeting room in the property.

With this addition, Ascott will further strengthen its position as the largest international serviced residence owner-operator in Vietnam. It will now have more than 1,300 apartment units in eight properties across four cities including Ho Chi Minh City, Hanoi and Hai Phong.

Currently under development, Somerset Danang Bay is part of Blooming Tower Danang, a mixed-use development that comprises two 37-storey residential towers and a three-storey podium for commercial retail and recreational uses. It will be one of the tallest towers in the city, providing a spectacular view of the Danang Bay.

Located in Thuan Phuoc Ward, Hai Chau District, Somerset Danang Bay is a five-minute drive from Danang’s Central Business District and a 15-minute drive from the Danang International Airport, Vietnam’s third busiest airport. The serviced residence property is scheduled to be completed in 2012.